TALLINN, Estonia, April 6, 2021 / PRNewswire / – NordikCoin, the Estonian cryptocurrency exchange, launches full support for the Bitcoin Lightning protocol.

The Lightning Protocol is a second tier payment protocol that enables peer-to-peer cryptocurrency transactions outside of the main blockchain to make them more efficient and cost effective. The implementation of the new technology by NordikCoin is currently in the beta phase. Selected users can send Bitcoin over the Lightning Network.

Crypto Exchange NordikCoin Launches Bitcoin Lightning Support

Supporting the increasing demand for Bitcoin
Bitcoin has been on the rise for years, but the past few months have been the most exciting for Bitcoin enthusiasts. On March 14, 2021Bitcoin hit a new record high of $ 60,743This suggests that its value will continue to increase as demand increases.

To support this demand, NordikCoin is constantly expanding its services. It offers free bitcoin wallets and enables users to buy bitcoin in less than five minutes using a fully automated, legally compliant KYC process. The company operates from Tallinn, EstoniaServing customers all over the world. With its numerous electronic ID solutions and cybersecurity practices, it ensures straightforward, secure, and secure Bitcoin transactions.

NordikCoin positions itself as an innovative cryptocurrency exchange and now offers full support for the Lightning Network protocol. It will enable its users to conduct fast, off-chain Bitcoin transactions that incur lower fees.

How the Lightning Protocol works
The Lightning Network is based on a network of payment channels. A payment channel is made up of funds that are split between two parties, with one party being able to send some of the funds on its end to the other end at any time outside the chain. A participant in the Lightning Network can send payments to any other participant by trustingly sending their payment through a chain of payment channels across the network.

A payment channel can be closed at any time by being billed as a single transaction in the blockchain. In the normal cooperative case, the funds in the chain are available as quickly as any other transaction in the chain. In the event that one party does not cooperate, the funds are secured by a smart contract that ensures that either party can close the channel at any time to settle the funds in the chain.

Main advantages of the Lightning protocol
The Lightning protocol offers numerous advantages over “normal” Bitcoin transactions. One of the most famous among them is the extremely low fees. Since Lightning transactions do not result in an on-chain transaction, there is no charge for using the limited blockchain storage space.

Since NordikCoin will process transactions in an innovative peer-to-peer network built on the Bitcoin blockchain, transaction fees close to zero will be possible.

Another benefit of the protocol is instant transfers for users. You don’t have to wait for all of the required confirmations to buy or sell Bitcoin as everything happens out of the chain.

However, being off-chain doesn’t mean less security – on the contrary. While all funds are secured by an intelligent contract that can be processed in the chain at any time, the Lightning protocol offers more anonymity and more data protection, since payments are only known to the sender, recipient and all intermediary nodes with the full payment route only the sender known.

David De Marco, CEO of Omni Matrix Ltd, the parent company of NordikCoin, shares his thoughts on the future of the Lightning protocol:

“As the Lightning Network matures, consumer and business adoption should grow. In the larger context, there may be different use cases for both Bitcoin and Lightning, where Bitcoin transactions can apply to large asset and Lightning transfers We see the implementation of the promising technology by NordikCoin as a further step towards widespread acceptance. “

More information
David De Marco
CEO of Omni Matrix Ltd., parent company of NordikCoin
E-mail: [email protected]

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Crypto Exchange NordikCoin Launches Bitcoin Lightning Support
Crypto Exchange NordikCoin Launches Bitcoin Lightning Support

SOURCE NordikCoin.com